Revenue Performance - Total revenue increased by $1,367, or 46%, for the three months ended June 30, 2022, compared to the same period in 2021, and increased by $3,673, or 92%, for the six months ended June 30, 2022[123]. - Mobility revenues decreased by $266, or 9%, from $2,982 for the three months ended June 30, 2021, to $2,716 for the three months ended June 30, 2022, but increased by $296, or 7%, in the six months ended June 30, 2022, compared to the same period in 2021[124]. - Media revenues generated $1,489 and $3,145 during the three and six months ended June 30, 2022, respectively, marking a 100% increase due to the launch of a new business line[126]. Operating Expenses - Total operating expenses increased by $10,182, or 96%, for the three months ended June 30, 2022, compared to the same period in 2021, and by $21,375, or 103%, for the six months ended June 30, 2022[120]. - Cost of revenues increased by $4,195, or 69%, for the three months ended June 30, 2022, and by $11,029, or 104%, for the six months ended June 30, 2022, compared to the same periods in 2021[127]. - General and administrative expenses increased by $3,798 or 144% for the three months ended June 30, 2022, compared to the same period in 2021, and by $6,523 or 99% for the six months ended June 30, 2022[130]. - Sales and marketing expenses rose by $2,140 or 168% for the three months ended June 30, 2022, and by $3,605 or 150% for the six months ended June 30, 2022, compared to the same periods in 2021[132]. - Research and development expenses increased to $638 for the three months ended June 30, 2022, compared to $588 in the same period in 2021, reflecting ongoing investment in new technologies[120]. - Research and development expenses increased by $50 or 9% for the three months ended June 30, 2022, and by $218 or 19% for the six months ended June 30, 2022, compared to the same periods in 2021[134]. - Interest expenses surged by $946 or 167% for the three months ended June 30, 2022, and by $2,428 or 228% for the six months ended June 30, 2022, compared to the same periods in 2021[137]. Financial Position - As of June 30, 2022, cash and cash equivalents amounted to $2,480, excluding restricted cash of $110[141]. - Net cash used in operating activities was $23,206 for the six months ended June 30, 2022, compared to $10,613 for the same period in 2021[144]. - As of June 30, 2022, total financial liabilities, including capital leases and liability warrants, amounted to $48,364[152]. - The company incurred a loss on extinguishment of debt amounting to $2,065 for the three and six months ended June 30, 2022[139]. - The company plans to continue funding operations and expansion through debt and equity financing over the next twelve months[143]. Lease and Contractual Obligations - The company entered into non-cancellable capital lease agreements for 3,750 eScooters and R&D equipment, with a total present value of obligations amounting to $2,792, of which $2,649 is related to eScooters and $143 to R&D equipment[159]. - Lease expenses under capital leases were recorded as interest expenses of $83 for the three months and $112 for the six months ended June 30, 2022[160]. - Future minimum lease payments for capital leases total $3,045, with $2,193 due in 2022 and $777 in 2023[161]. - The company has entered into media rights agreements requiring total minimum payments of $40,895, with $12,501 due in 2022 and $18,672 in 2023[165]. - Content licensing expenses recorded as Cost of Revenues were $4,660 for the three months and $10,923 for the six months ended June 30, 2022[165]. - The company has a sponsorship agreement with Miami FC, with future minimum payments totaling $1,175, including $525 in 2022 and $650 in 2023[167]. Company Classification and Accounting - The company is classified as an "emerging growth company," allowing it to take advantage of certain exemptions from reporting requirements[170]. - There are no off-balance sheet arrangements currently in place[172]. - The company evaluates its estimates and assumptions on an ongoing basis, which may affect reported amounts of assets and liabilities[168]. - The company has adopted recent accounting pronouncements as detailed in its financial statements[173]. User Engagement - Active platform users (QAPUs) and completed trips increased in all analyzed periods, indicating growth in user engagement[124]. - The company operates in multiple active markets, with significant presence in both the U.S. and Italy, enhancing its market expansion strategy[116]. Currency Impact - The general strengthening of the U.S. dollar against the Euro negatively impacted mobility revenue, with potential increases of $225 and $335 if prior year's exchange rates were used[125].
Micromobility.com (MCOM) - 2022 Q2 - Quarterly Report